History Of Bitcoin

History Of Bitcoin

The best way to learn about bitcoin is to check out its history, because information about anything from the past is always useful today, and in the future.

Bitcoin is a digital currency, or more popularly referred to as a cryptocurrency these days, that was developed in 2009. While nobody is sure who created bitcoin and why, there are a couple of figures that might be the fathers of this cryptocurrency. The most common name that you will find is Satoshi Nakamoto, however, lots of people believe that this name is simply an acronym based on multibillionaire companies. That is because the true identity of Satoshi Nakomoto is still unknown, and not knowing the identity of someone today certainly rises a lot of suspicions if that is even a real person.

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What makes bitcoin and other cryptocurrencies that have been created after it so popular is that they are not tied to a bank, which makes the transaction of these currencies completely free. This was the main idea that bitcoin was created on, and so far it is staying true to that idea as nobody really owns bitcoin while a lot of people possess it and use it for various trades that don’t require any special tax fees or anything similar to that.

In the beginning, bitcoin was not really that popular, therefore you could not use it anywhere, even if you would have millions of it, it would be completely useless. This was the case all the way until the end of 2009 when a man managed to pursue another man who owns a restaurant to purchase two pizzas with bitcoin. Back then, he paid around 10.000 bitcoin which is worth millions today.

The unfortunate part of bitcoin history is that since it is not connected to banks or anything, private transactions are possible, which gave it quite a bad reputation upon its release because it was used on all kinds of black markets. Naturally, since it is quite popular today, even if private transactions are still possible, there are a lot more legal transfers compared to the illegal ones, but then again, the same goes with non-digital currencies.

While the history of bitcoin is not that wide as it only started to be used globally in 2018, as time goes by it will definitely leave a lot of historical prints like in the virtual world, it will in the real world too.